Results 25,441-25,460 of 33,581 for speaker:Catherine Connolly

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I presume the witnesses should tell us the same story as they will tell the High Court in an affidavit. They will set out the process and contract, as well as the mechanisms demonstrating that the process is monitored and supervised for the taxpayer. It will be done in an affidavit. What is the problem with doing it today? Was it discussed with the Attorney General that this would be set...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I am not asking the witness to disclose anything that is privileged. I am asking him if he discussed it. Was it an aspect that was discussed?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Give or take a few weeks, months or whatever.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: That is okay. If the Department is prepared to do that, it has to meet the case. My colleague put a question and I am repeating it. Is the Department prepared to come back before us when it has reflected on this?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: The essence of the whole claim relates to monitoring, supervision and accountability. The answer to that is not going to change. It has been stated that everything is under control. However, the witnesses cannot tell us things because they are commercially sensitive or there are legal proceedings.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It is part of it.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Do not mind the statement of claim.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: We have the plenary summons, which sets out the principles of what is being sought. Mr. Carville has no problem with that and agreed openly that the Department has a role, as set out in two of the paragraphs.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I am not asking Mr. Carville to compromise himself. I am simply saying he has acknowledged that two of the bullet points state that he has a role. He has to set that out to us, rather than wait for a statement of claim.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: There is a process in the committee, a point which already has been mentioned. I do not accept Mr. Carville's answer. I do not expect him to go through this with me, but he accepts Nos. 2 and 3 concerning the duty and responsibility on the Department. Arising from that duty and responsibility, he has to be able to set out to the committee, at any stage and well before a statement of claim,...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I understand and I hear what Mr. Carville is telling me, but I disagree with him. I refer to Chapter 3. We have a problem with banks, in particular Anglo Irish Bank. At some stage the Government nationalised the bank, something it could never do before, which is interesting. It could nationalise a bank to take on debt but not for us to get a benefit from it. That is a story for another...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Anglo Irish Bank brought the IOUs to the Central Bank. It looked on them as good collateral and said it could rely on the Government, and would give the bank money. Is that it? It has taken me a while to get my head around that, with the help of the Comptroller and Auditor General's report. The circular movement of money-----

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It is a very good graphic. We will all agree on the graphics and that the bank was a bank of speculators. We agree that the Government wrote an IOU and Anglo Irish Bank took that and went to the Central Bank. It said it would give the bank money to keep it going. In addition, under the IOU the Government had to pay periodic payments to the bank. One can imagine how long it has taken me...

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: Okay. I will take that word back.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: We had nationalised the bank in 2009. The bailout had not happened.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: The largest amount went to Anglo Irish Bank.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: It went in before then. Was part of the promissory note that the Government promised to pay the bank so much every year way out into the future?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: I think it was longer than that. Was it until the 2030s?

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: That is what I am coming to. I have outlined what happened for myself and for people who are listening. I have not simplified things too much and I have only mentioned one bank. We can fast-forward to 2013 and the liquidation process, which triggered the process to turn the promissory notes into bonds. I ask the witnesses to explain that.

Public Accounts Committee: 2016 Annual Report and Appropriation Accounts of the Comptroller and Auditor General
Chapter 3 - Cost of Bank Stabilisation Measures as at the end of 2016
Irish Bank Resolution Corporation Liquidation (14 Dec 2017)

Catherine Connolly: We will make it easy because the witnesses have had many years-----